Google’s Eric Schmidt Plans to Sell Shares Worth $335 Million (Which Is Just a Fraction of the $5.8 Billion Worth of Google Stock That He Owns)

Jan 21, 2011  •  Post A Comment

Outgoing Google Chief Executive Eric Schmidt plans to sell shares in the company over the next year that could be worth $335 million, reports the Los Angeles Times’ Technology blog.

Schmidt’s plans for a rich goodbye came in a regulatory filing with Google’s fourth-quarter earnings report, both filed with the U.S. Securities and Exchange Commission, the story notes.

In the filing, Google said that Schmidt plans to sell 6% percent of his shares in Google over the next year in a planned-out trading program, the story notes. Schmidt owned 9.2 million shares in Google as of Dec. 31, 2010, worth about $5.8 billion.

"Using this trading plan, Eric can diversify his investment portfolio and can spread stock trades out over a period of one year to reduce market impact," Google said in the filing.

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